Burn Company and Indian Standard Wagon Company (Nationalisation) Act : PROVIDENT AND OTHER FUNDS Indian Bare

Burn Company and Indian Standard Wagon Company (Nationalisation) Act ,1976

Act No : 97

Section : PROVIDENT AND OTHER FUNDS

SECTION 13: PROVIDENT AND OTHER FUNDS

(1) Where either of the two companies have established a provident fund, superannuation, welfare or other fund for the benefit of the persons employed in any of its undertakings, the monies relatable to the officers -or other employees, whose services have become transferred by or under this Act to the Central Government or the Government company shall, out of the monies standing, on the appointed day, to the credit of such provident fund, superannuation, welfare or other fund, stand transferred to, and vest in, the Central Government or the Government company, as the case may be.

(2) The monies which stand transferred under subjection (1) to the Central Government or the Government Company, as the case may be, shall be dealt with by that Government or Government company in such manner as may be prescribed.